Why has the search volume for the keyword "spot Bitcoin ETF" on Google peaked?
The FOMO for Bitcoin ETF has shifted from institutional investors to individual investors and the traditional public. Therefore, the number of searches for the keyword "spot Bitcoin ETF" on Google is on the verge of peaking.
The cryptocurrency market in the fourth quarter of 2023 is holding its breath waiting for the SEC to approve the Bitcoin spot ETF. Despite continuously delaying and moving the deadline for decision-making, investor psychology is still extremely looking forward to the possibility of the SEC "giving the green light".
The sentiment of hope is clearly shown in the fact that the Google search value for the phrase "spot Bitcoin ETF" globally is on track to reach "maximum score" 100.
According to Google Trends data, the keyword "Bitcoin ETF" recorded a score of 100 points 2 years ago when Proshares' first Bitcoin ETF was listed on the New York Stock Exchange on October 19, 2021. After that, this keyword had a long period of quietness before exploding in recent months.
Both the keywords "spot Bitcoin ETF" and "Bitcoin ETF" demonstrate the interest of the public and retail investors in Bitcoin and the cryptocurrency market in general. This also shows that ETF funds are no longer limited to large organizations, but have penetrated the world of individual investors.
Despite the crackdown from the SEC, most people believe in the possibility that the SEC will approve a Bitcoin ETF within the next year. Even experts from Bloomberg predict an approval rate of up to 95%.
According to service provider Matrixport predictions, the price of BTC could rise to $42,000 - $56,000 if the BlackRock ETF is approved. This prediction is too positive, but partly reflects the market's view of the possibility of a Bitcoin ETF appearing next year.
